According to TechCrunch reports Wednesday (July 17), the Washington-based and India-founded company has announced the Series E round led by Greycroft and Premji Invest, while existing backers B Capital Group, Cross Creek Advisors, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth also participated in the round. The total amount raised by Icertis to date is $211 million.
The company connects corporate clients to a contract management solution they can use to manage their agreements in procurement with vendors, sales, and other contracts, like non-disclosure agreements. In addition to helping firms develop these documents, Icertis technology can also help businesses manage adherence and compliance to their agreements while automating administrative processes, like sending renewal reminders, reports explained.
“Nothing is more foundational than contract management as every dollar in and every dollar out of a company is governed by a contract,” explained Icertis Co-founder and CEO Samir Bodas. “As the [contract lifecycle management] market takes off, we are thrilled to have Premji Invest join the Icertis family, Greycroft double down by co-leading this round, and all investors re-up their commitment as we execute on our mission to become the contract management platform of the world.”
Icretis said it plans to use the funding to invest in further expansion of its underlying technology with an eye on exploring additional use cases for its solution.
The company is also planning to expand its blockchain infrastructure that allows the solution to integrate with other contract management platforms and promote compliance and transparency in areas like supply chain compliance, reports said.
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The funding will also be used to invest in sales and marketing, to broaden its partner ecosystem, and to explore M&A deals. Reports said the company currently manages about $100 million in revenues.
